That “wowee” you hear from the nation’s older adults, especially indigent African Americans, comes as a result of hearing the news that the Biden administration has unveiled a list of 10 medicines slated for price reduction. On Tuesday, the long-awaited plan received a fresh boost, although it won’t become a reality until 2026.
Several of the 10 medications on the list are probably seen advertised nightly on television by older Americans—Eliquis, Jardiance, Januvia, Farxiga—and are earmarked for citizens with diabetes, heart conditions, or cancer. Others on the list from major pharmaceutical companies are Xarelto, Entresto, Enbreal, Imbruvica, Stelara, Fiasp, and Novolog insulin products.
“This is a long time in coming,” Biden declared after being introduced by a 71-year-old North Carolina man who has diabetes and a rare blood cancer. Biden assailed the pharmaceutical industry over the cost of drugs, saying, “We’re going to keep standing up to Big Pharma, and we’re not going to back down.”
Lowering the cost of prescription drugs has long been a key concern on Biden’s agenda and should bolster his campaign message. For a better understanding of this measure, consider Eliquis, a blood thinner used by nearly 4 million beneficiaries that costs $600 monthly.
When Congress passed the Inflation Reduction Act last year, it gave Medicare the authority to negotiate the price of some medicines. Biden’s announcement provides the initiative with a decisive step in accomplishing that goal.
Many older citizens needing insulin to deal with their diabetes once had to fork over $400 a month or more, and now pay $35.
There is every indication that Biden’s plan will make it even better for those troubled by high out-of-pocket payments for medications.